thanks to everybody who puts effort in a good answer!
My question is, what happens if I acquire an international unlock for my iPhone 4S and the Verizon contract is cancelled/runs out.
1. The Verizon contract is still running but what happens to the unlock after the contract runs out?
2. Will I still be able to use the iPhone 4S outside the US (with a local GSM sim), even though the Verizon contract ran out?
If you do not really know what I am talking about:
Verizon international travel unlock: http://forums.macrumors.com/showthread.php?t=1274057